405.110 Warranties. - Wisconsin Statutes

405.110

405.110 Warranties.

405.110(1)

(1) If its presentation is honored, the beneficiary warrants all of the following:

405.110(1)(a)

(a) To the issuer, any other person to whom presentation is made, and the applicant, that there is no fraud or forgery of the kind described in s. 405.109 (1).

405.110(1)(b)

(b) To the applicant, that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.

405.110(2)

(2) The warranties in sub. (1) are in addition to warranties arising under chs. 403, 404, 407, and 408 because of the presentation or transfer of documents covered by any of those chapters.

405.110 - ANNOT.

History: 2005 a. 213.